25 March 2008

Another ominous 5-year landmark reached this March...

...it's of the dismal economic variety. Seems you're not the only one who is a bit nervous about the financial outlook in the days ahead. Today from AP:

Consumer confidence drops to 5-year low on pessimism about jobs, income
by Eileen Alt Powell, Associated Press
NEW YORK – American consumers are gloomier about the economy than at any point since just before the U.S. invasion of Iraq, as slumping housing prices and soaring fuel costs depress consumer confidence to its lowest level in five years.

The Conference Board, a business-backed research group, said Tuesday that its Consumer Confidence Index plunged to 64.5 in March from a revised 76.4 in February.

The March reading was far below the 73.0 expected by analysts surveyed by Thomson/IFR and was the worst reading since the gauge registered 61.4 in March 2003, just ahead of the U.S. invasion of Iraq.

Weakening consumer confidence foreshadows weakening consumer spending, which could hurt the already faltering economy.